Do Your Research before Buying a Property

Buying a property is a big step, and prior to making such a step, you need to do extensive amount of research in order to avoid possible risks. Since foreign investors are bound by a government policy prescribing that they can purchase only new properties, those properties are usually of great interest, and, therefore, at a high price, which means that you can end up paying a sizeable amount of money. You can avoid this by opting for purchasing an existing property, however, in either case, you need to research the market thoroughly in order to make an informed decision.

Forming the Image

Real estate

Prior to starting your research, you need to know exactly what you want, which means that you should try to form an image of the property in your mind. This can help you be more efficient in your research, because you can immediately focus on the real estate that is of interest to you, rather than wasting your time or energy on something irrelevant. You can do this by asking yourself some questions that will help you form a clearer picture; for example, “do I need a house or a flat?”, “how many bedrooms do I need?”, and “in which part of the city would I like to buy a property?

Setting the Budget

budget

When determining what you can afford, you need to be as realistic and objective as possible. You can consider taking out a loan, but make sure to consider every factor there is, including the interest rate, the mortgage, etc. Consulting a realtor, mortgage broker or a bank can be helpful, but keep in mind that it’s in their interest to have you get the biggest mortgage or the most expensive house. The higher the price of your house, the greater percentage they are paid. Therefore, be honest with yourself and try to figure out how much you can spend on a monthly basis for your new house.

Determining the Area

neighbourhood

Another important aspect to be considered is the area where you want to purchase a property. Start by making a list of suburbs and then try to get as much useful information as possible that might affect your decision. You should look up the taxes for each suburb you are interested in, find out what the taxes cover or when they are due, and make sure to pay attention to school taxes, since they can be quite expensive. Additionally, check out the local statistics, including demographics and crime estimates, consider whether the community is growing, and talk to the neighbours, since they can give you valuable information about the area. Finally, don’t forget to research the schools in each area. If you have children, you need to know about the program, the distance from your home, the graduation rate, etc. On the other hand, if you don’t have children, this is an important aspect to be considered, since it affects the value of your property.

Where to Look?

real estate apps

Traditionally, you would look up properties in the real estate sections of newspapers and magazines, and this is still a viable option. However, the technological advances have made it possible for you to obtain even more data via the Internet, that is, by checking numerous real estate websites. Additionally, online real estate applications have lately had an important role in researching the market, enabling you to find your dream house while you’re on the move. You can read the full article to find out more about real estate apps that best suite your needs. Remember, it’s important to cover as much ground as possible, so using all resources available is of utmost importance.

Conducting thorough research is a prerequisite for making an informed decision when buying a property. Such a big step comes with a lot of risks, so make sure to do everything you can to minimise them and maximise the benefits.

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